Spire announced that it has completed the sale of its natural gas storage businesses in Wyoming and Oklahoma to I Squared Capital. The transaction became effective on June 30, 2026. The sale was completed for $650 million.
Total consideration includes $600 million in cash received at closing and a $50 million fixed, non-contingent deferred payment to be received in Spire’s fiscal year 2027.
Spire said the transaction sharpens its focus on its regulated natural gas utility businesses.
Proceeds from the sale will help fund Spire’s previously completed acquisition of the Piedmont Natural Gas Tennessee business, which closed on March 31, 2026.
Spire Storage employees and customers will become part of Bear River Midstream, a new I Squared Capital portfolio company.
The former Spire Storage business includes two storage fields in southwestern Wyoming and another in north central Oklahoma.
The Wyoming natural gas storage assets are certificated to provide up to 55 Bcf of working gas capacity to customers primarily in the western U.S.
The Oklahoma storage asset serves markets in the Midcontinent and Midwestern U.S.
That facility is connected to Southern Star Pipeline and Oklahoma Gas Transmission and is authorized to provide up to 17 Bcf of working gas capacity.
Bear River Midstream will provide natural gas storage across the Western and Mid-Continent U.S.
The company serves utilities, pipelines, power generators, industrial customers, and energy producers.
Support: Greenhill, a Mizuho affiliate, acted as exclusive financial advisor to Spire. Vinson & Elkins served as Spire’s legal counsel. Kirkland & Ellis served as legal advisor to I Squared Capital.
Spire serves the natural gas needs of nearly 2 million homes and businesses through gas utilities in Alabama, Mississippi, Missouri, and Tennessee.
I Squared Capital is a global infrastructure investor managing more than $60 billion in assets.
The firm’s portfolio includes more than 100 companies operating in over 70 countries.
KEY QUOTES:
“This closing marks an important milestone for Spire as we continue to sharpen our focus on our core regulated utility business. We’re proud of the strong storage platform we built and are grateful to the employees who contributed to its success and the overall success of Spire. With this transaction complete, we’ve further enhanced our financial position and are well positioned to deliver long-term, sustainable value for our customers and shareholders.”
Scott Doyle, President and CEO of Spire
“With Bear River Midstream, we plan to enhance operational capabilities and pursue expansion opportunities that meet the increasing market demand for energy storage across the Western and Mid-Continent regions. We are happy to provide our customers a seamless transition because the same operations and service teams customers already know will continue working with the company.”
Scott Smith, CEO of Bear River Midstream and former President of Spire Storage
